JPMorgan Hits Developer With $13M Suit Over Project Loan

Law360, New York (August 23, 2011, 9:55 PM EDT) -- JPMorgan Chase Bank NA on Tuesday hit real estate company Meritage Homes Corp. with a $13 million lawsuit, claiming it is liable under an agreement to repay its share of a loan given to a residential community developer that went bankrupt.

The suit, filed in Nevada federal court, targets Meritage and its subsidiary Meritage Homes of Nevada Inc. — one of eight members of South Edge LLC, a now-bankrupt company that developed a $1 billion residential community in Las Vegas' suburbs.